Would bitcoin still go far if it was private

[Zilon]

Going by the blockchain network and the hashing of Bitcoin if it was a private blockchain network where only selected users could contribute to the network after been verified and authenticated would bitcoin still go this far. This has been my thoughts so far. This made me understand despite how much we try to trust the government for transparent monetry transactions we still believe it can only be achieved through an opened system where everyone is a key contributor on a p2p transaction scheme.

Many countries have decided to launch into digital currency after the success of bitcoin even though it wasn't the first crypto currency but it's open sourced nature and complete consensus gave it maximum trust from all over the world which gave it huge success from trusted investors. My fear now is considering the digital currency that would be released and that is already in circulation from different countries operating on both private or permissionsed block chain would it be safe to invest in them.

We all know how Gold for example is been constantly manipulated to suit personal interest. How secured are we with most of this digital currencies and what confidence do we have that since they aren't operating on an open source /public blockchain that our investments would be secured void of manipulative ventures.

[mk4]

Most definitely not. One of the main selling points of bitcoin is to have a currency that's completely public. If Bitcoin will only be controlled by a chosen small number of people, what's would be the point of it?

[BlackHatCoiner]

To begin with, if it was private and certain groups had an advantage above others, it wouldn't be open-source. Having the source code of an open-source project while the whole project relies on that very software, means that everyone has the same rights upon it; contributing to it, copying it, reading it.

The fact that everything about Bitcoin was publicly announced is the reason it attracted so many people. If its nature wasn't that freeing or revolutionary (one might say), I doubt it'd get any attention at all.

[NeuroticFish]

A private blockchain is useful in a pretty limited number of use cases, in most a normal database is better.
Bitcoin came with public blockchain, bitcoin came with pretty well thought incentivizing for the miners to keep the blockchain safe, bitcoin came with everything public and transparent, features heavily demanded currently in many sectors.
The technology and the fact it was properly used (including the fact that's public and transparent) made it so appealing.

The fact that the ledger can be publicly read by everybody also made the governments don't oppose it with all their power.

[SFR10]

if it was a private blockchain network where only selected users could contribute to the network after been verified and authenticated would bitcoin still go this far.

No, it would not go that far and most likely, they would still be mining with their GPUs until now ^{[e.g. no point in mass-producing ASIC rigs for a select few]}.
^{- I only used one example out of many!}

My fear now is considering the digital currency that would be released and that is already in circulation from different countries operating on both private or permissionsed block chain would it be safe to invest in them.

None of the CBDCs should be used as investment assets. Their value is tied to the fiat currency that they're representing and some of them ^{[e.g. China]} even limits the amount each individual could hold on their wallets.
^{- They have the ability to confiscate or freeze your coins; in other words, it would be better to just hold cash, instead of using any of the CBDCs!}

[Wexnident]

Why would it even be used by a select number of people only, there'd probably be other systems that could replace it that would work much efficiently and wouldn't necessarily require users of said network to contribute the resources, since it's private, it has an owner, hence the owner could shoulder it all and just ask for users to pay. It also defeats one of the main core components of Bitcoin that people love, its decentralization. It's like taking away the main pillar of a house and letting it stand wobbly on a weak foundation that would easily collapse with a single touch.

[Dhoe]

will bitcoin still go a long way if it is personal, in my opinion, it will most likely not go far if bitcoin is private, the reason is because it must be closed, and people who want to know bitcoin will be limited, lack of access, might make people lazy to get to know bitcoin, bitcoin is still running today, because bitcoin is open..

[The Cryptovator]

Sound like centralization. Private means the public wouldn't contribute to the network. If only selected and verified people or a group of people could only contribute to the network then it will consider as a centralized network. So no, then Bitcoin wouldn't be much popular like now. Some other decentralized cryptocurrency would gain the market then. There will be fear if Bitcoin is only controlled by a group of people. No one will dare to invest in it due to centralization.

[Jercyhora2]

Probably not, the reason why its price has been so high since it was invented is because it is already public. Anyone can buy even much without limit and minimum amount.

[Myleschetty]

Going by the blockchain network and the hashing of Bitcoin if it was a private blockchain network where only selected users could contribute to the network after been verified and authenticated would bitcoin still go this far.

No, Bitcoin won't have go far because we are going to experience the same centralization introduced by the government and the last time i checked Satoshi understand what we meed is a decentralization where every individuals can contribute if he want to.

This has been my thoughts so far. This made me understand despite how much we try to trust the government for transparent monetry transactions we still believe it can only be achieved through an opened system where everyone is a key contributor on a p2p transaction scheme.

These are some of the major reason Bitcoin was created.

My fear now is considering the digital currency that would be released and that is already in circulation from different countries operating on both private or permissionsed block chain would it be safe to invest in them.

Which currency are you talking about here? But Bitcoin is here to stay.

We all know how Gold for example is been constantly manipulated to suit personal interest. How secured are we with most of this digital currencies and what confidence do we have that since they aren't operating on an open source /public blockchain that our investments would be secured void of manipulative ventures.

Every investment is influenced or manipulated by the big boys and that include Bitcoin but the good thing is the long term holder always make profit.

[leea-1334]

I cannot imagine any situation where a private blockchain would have the same success by a long shot,,, imagine if the original people who took up Bitcoin were not free to use their own ways to implement, or had to seek permissions to simply participate.

This is like EOS at the beginning applying to be block founder/validator. Simply not the same type of people!

[dupee419]

Most definitely not. One of the main selling points of bitcoin is to have a currency that's completely public. If Bitcoin will only be controlled by a chosen small number of people, what's would be the point of it?

Exactly, also, if Bitcoin was considered a private cryptocurrency, the amount of exposure it'll get is pretty low compared to what is happening nowadays wherein influencers, celebrities kept on bragging about how they want to invest and make profit out of Bitcoin, it's a completely different game if Bitcoin was only accessed by a few authorized people, it may still go on if it was a private currency, not just huge and #1 as it is today and definitely a few people would know the word "Bitcoin".

[hatshepsut93]

If Bitcoin was based on a private blockchain, it would have been just another payment company and likely wouldn't exist today, because it would still have many of the drawbacks like the space inefficiency of blockchain without any of the benefits. Like the only benefit is that auditors could have a proof that the database wasn't altered, but you can achieve this even without blockchain just with cryptography.

[Rruchi man]

Many countries have decided to launch into digital currency after the success of bitcoin even though it wasn't the first crypto currency but it's open sourced nature and complete consensus gave it maximum trust from all over the world which gave it huge success from trusted investors. My fear now is considering the digital currency that would be released and that is already in circulation from different countries operating on both private or permissionsed block chain would it be safe to invest in them.

First off, you should first remember that cryptocurrency was not originally created for investment purpose, the opportunity of investment only came to light when people understood its volatile nature not being tied to fiat and without control by the government. So planning to invest in any CBDC because your investment in crypto yielded you profit might just put you on a wild goose chase. There's no point IMO because the government mostly only intend for it to be used for transaction purpose, and will not allow for a transparent system where it's uses can evolve freely.

[bL4nkcode]

My fear now is considering the digital currency that would be released and that is already in circulation from different countries operating on both private or permissionsed block chain would it be safe to invest in them.

AFAIK central banks can choose who or what country/people can use the cbdc, and probably it's not like what other existing coin/token do for investment purposes so there will be no ICO/IEO etc will happen, it will be just like a copy of their local currency, only with the use of blockchain